August 2019 has been the most turmoil month for Bitcoin, as we’ve followed here on Top10CryptoBots. Bitcoin has gone to it’s highest price and has also observed some all-time lows. The recent studies show a bearish movement from a long time in Bitcoin.
Though, from August 29th, the price is getting recovered at $9,320. This recovery is supported by the dominating market share which Bitcoin persists from the last 30 months.
However, experts say that the recovery won’t last long, as the frequency of trading observed in Bitcoin is quite low, despite the rising interest in the Bitcoin Loophole and the such.
For a better bullish movement, Bitcoin has to close on $10,956 and for full bull recovery, it has to close at $12,000 both universally. According to the trends observed recently, this recovery may end at $9,750.
Apart from the fluctuations, Bitcoin’s share in the crypto market has reached a high of 30 months above 70%.
Bitcoin is trading at $10,350 on Bitstamp which is a hike of 6% observed in 24 hours. Today it has hit a $10,506 which is an eight-day high.
In comparison to the low of $9,320, Bitcoin has shown a 12.7% price hike on Bitstamp. The price of BTC has been consistently moving around the range of $9,000 to $10,000.
Although this movement does not confirm the full bullish recovery as the price is required to settle at $10,956 to gave a consistent and strong bullish movement. Apart from the experts, some people believe this recovery is sustainable and may reach a higher position.
This analysis is made in concern with the 70.10% market share of Bitcoin. When the price got slipped to $9,400 the market share was 69%. This price was on 29th August making it the lowest price in the month.
The dominance rate will give better support to the price of Bitcoin. Many investors are choosing Bitcoin as a safer investment, and not other cryptocurrencies or purchases. Recent studies have shown that fundings are done to Bitcoin, but no transactions are going on so far. And hence there could be a possibility, that the recovery may not last for a long period.